Markets end higher; Ranbaxy jumps 30 per cent

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Thursday, August 8, 2013, 15:32 [IST]

Markets ended the day higher led by gains in select stocks like Ranbaxy, which rallied a staggering 30% following increased revenue hopes from the US.

Strong global cues and a recovery in the rupee saw the Sensex ending the day higher by 94 points (provisional), while the Nifty ended higher by 46 points. Among the top gainers in trade apart from Ranbaxy were HDFC and HDFC Bank along with auto stocks like Maruti and Mahindra and Mahindra.

TCS which was down in morning trade ended the day higher on sustained buying. Other IT stocks including Infosys and Wipro were subdued in trade. Lupin was the worst hit after its revenues disappointed the markets. The stock dropped 3 per cent in trade.

Heavyweights, ITC and Reliance ended the day almost flat. Banking stocks ended the day mixed in trade with State Bank of India, Yes Bank and Bank of India losing ground, while Kotak and HDFC Bank ended the day with gains.

Midcaps also had a good day with notable gainers being GMR, Indian Hotels, United Phosphorus and Karnataka Bank.

After the recent hammering in realty stocks, short covering saw some bounce in these stocks with DLF, DB Realty and HDIL being the notable gainers.

IRB Infra which declared its results and first interim dividend ended the day higher on buying support. ONGC, which was down in early trade following subsidy worries recovered to close flat.

Meanwhile, markets in Asia ended the day mostly higher despite worries over Fed tapering its QE programme.

The Seoul Composite, the Jakarta Composite and the Hang Sang ended the day with gains.

GoodReturns.in